Delta Air Lines Q2 Profit Declines, Miss Estimates

(RTTNews) - Delta Air Lines, Inc. (DAL) on Wednesday reported a net income for the second quarter of $735 million or $1.15 per share, down from $1.44 billion or $2.21 per share in the 2019 June quarter.

Excluding items, adjusted earnings for the quarter was $1.44 per share, compared to $2.35 per share in the same quarter of 2019. On average, 14 analysts polled by Thomson Reuters expected the company to report a loss of $1.64 per share for the quarter. Analysts' estimates typically exclude special items.

Pre-tax income for the quarter was $1.03 million, down 46 percent from $1.91 billion in 2019 June quarter. Adjusted pre-tax income was $1.22 billion, compared to $2.0 billion in the 2019 June quarter

Total operating revenue for the quarter grew 10 percent to $13.82 billion from $12.54 billion in the same quarter of 2019. Adjusted revenue dropped 1 percent to $12.31 billion from 2019 June quarter. Analysts expected revenue of $13.40 billion for the quarter.

Passenger revenues for the quarter declined 4 percent to $10.96 billion from the same quarter in 2019.

Looking ahead to the third quarter, the company expects total revenues to grow 1 to 5 percent and capacity to be down 15 to 17 percent.

The company said it expect double digit operating margin of 11 to 14 percent in September quarter and meaningful full year profitability.

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